Torrent Pharma's consolidated net profit up 24% yoy to ₹386 crore in Q2
Torrent Pharmaceuticals Ltd. on Monday reported a consolidated net profit of ₹386 crore for the September quarter (Q2 FY24), up 24% year-on-year (yoy). Revenue rose to ₹2,660 crore during the quarter from ₹2,291 crore a year ago.
Earnings before interest, tax, depreciation, and amortization (Ebitda) came in at ₹825 crore, with the Ebitda margin at 32%. Net profit margin stood at 14.5%. During the quarter Torrent Pharma spent ₹132 crore on research & development, up 9% yoy.
The debt-to-equity ratio remained flat yoy at 0.66x. The company reported revenue growth of 18% from its Indian operations to ₹1,444 crore in Q2 FY24. It attributed this to the continued double-digit growth in chronic therapies, revival in gastro demand, traction in the consumer division, and new launches.
The Curatio portfolio grew by 17%, led by strong growth in top focus brands. Revenues from Brazil operations rose 36% to ₹252 crore in the second quarter. The company said this was aided by the performance of top brands, new launches, growth in the generic segment, and the impact of sales spillover from Q1FY24.
Revenues in Germany increased 21% to ₹266 crore. Revenue from the US market was ₹248 crore, however, down by 15% yoy. “Growth was impacted by loss of low margin business and lack of new launches," it added.
As of September 30, 41 abbreviated new drug applications (ANDAs) were pending approval with the United States Food and Drug Administration, and three tentative approvals were received. One ANDA was approved during the quarter, the company said in the filing. The company is also vying for the promoter stake of Cipla and is in talks with various financial institutions to secure funding for an all-cash bid."Exciting news! Mint is now on
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